Advice to take on new meaning in January
The UK regulator is to introduce a new definition of advice on 3 January 2018 in a move to bring it in line with the Mifid II definition.
FCA
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Insurance broker Bluefin fined £4m
The Financial Conduct Authority has fined Bluefin Insurance Services for failing to inform customers about its independence in a way that was clear, fair and not misleading while it was owned by Axa UK.
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Man arrested amid police and FCA probe into wealth firm
A boutique UK home counties wealth manager has become the focus of a joint investigation by the City of London Police and Financial Conduct Authority (FCA).
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Four guilty of misleading investors in £1.4m scandal
Four people guilty of misleading vulnerable people into buying £1.4m of worthless shares are set to be sentenced this month following an investigation by the Financial Conduct Authority (FCA).
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FCA takes civil action against Sipp introducers
The Financial Conduct Authority has commenced civil proceedings against two unregulated introducer firms, linked to controversial ethical tree investment schemes, for allegedly making misleading statements on pension investments.
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Fewer UK whistleblowers stepping forward
The UK needs to treat its whistleblowers better, according to a law firm which unearthed Financial Conduct Authority data.
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FCA orders £66m refund for collapsed Connaught investors
The UK financial watchdog has publicly censured Capita Financial Managers (CFM) and ordered it to pay up to £66m ($86.6m, €74.6m) to investors who suffered losses from investing in the firm’s now-liquidated Connaught Income Fund, Series 1.
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Be careful who you do business with, advisers warned
Failure by advisers and other financial services firms to carry out thorough due diligence on introducers and appointed representatives could put customers at risk of financial harm, the Financial Conduct Authority has warned.
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Regulation to drive passive boom in 2018
Regulatory change could continue the boom in demand for passive strategies, according to a survey by KPMG and Blackrock.
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Big shake-up to UK compensation scheme funding proposed
Product providers could be on the hook for 25% of the Financial Services Compensation Scheme (FSCS) costs currently paid by intermediaries, according to a consultation document released Monday.
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DB pension transfer complaint redress guidelines updated
The way in which firms calculate redress for complaints about defined benefit (DB) pension transfer advice was updated by the Financial Conduct Authority on Friday.
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Analysis: Fund fees wipe out ‘20% of gross returns’
The European Securities and Markets Authority (Esma) is turning up the heat on asset managers, highlighting the impact of fund charges on returns in a fresh report. Fund fees wipe out an average 20% of gross returns, according to the regulator.